Retirement Resources

 

SUP RETIREMENT BENEFITS AND RESOURCES

 

This page will provide a broad overview of the retirement benefits available to SUP members. It will also include some resources, links, literature, and tools for further retirement education and analysis. 

SUP Retirement Plans include the SIU-PD Pension Plan, the SUP Money Purchase Pension Plan, and the SUP 401(k) Plan. The SIU-PD Pension Plan is a traditional defined benefit pension plan that is earned based on work history and pay as long as you live. There is a Joint Survivor Annuity Benefit option that makes the pension also available to your spouse, should you elect that option.

The Money Purchase Plan and the 401(k) Plan are self-directed defined contribution plans that allocate before tax income to your own account. The Money Purchase Plan contributions are automatic and built into the contract and although they are part of overall compensation and the collectively bargained economic package, they are also made separate from wages. SUP 401(k) contributions on the other hand are made entirely from wages according to your designated percentage amount, or not at all depending on your preference.  

The SUP Welfare Plan has prepared a "To Do" checklist of common issues that confront members nearing retirement. Before you actually retire, be sure to check out the preparation checklist to make sure everything is in place. SUP Retirement Checklist

The SUP Retirement Manager's website, including access you your SUP Money Purchase Plan and SUP 401(k) Plan can be accessed at The Standard.

The following items may be helpful for specific issues around retirement planning and investments.

Start now. Small savings over time add up. See Small Savings Increase: Big Difference and It Pays to Increase Your Savings Rate

 

Understanding the basic asset classes is an important part of building a retirement portfolio. Here's a start: Cash Bonds or Stocks -- What's the difference?

 

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